Competitors Bet365 and Fanatics Secure Growing Market Share in OSB, Appreciably Surpassing Two Peer Companies
May 29, 2025 - Two Newcomers, Bet365 and Fanatics, Gain Ground in US Online Sports Betting Market
Bet365 and Fanatics are steadily carving out a larger share of the US online sports betting market, a sector long dominated by BetMGM and Caesars Sportsbook, according to an analysis by Eilers & Krejcik Gaming (EKG).
Last month, the combined net gaming revenue (NGR) share of Bet365 and Fanatics reached a record 6%, a significant leap from previous months and potentially indicative of a future takeover, suggests EKG. While BetMGM and Caesars Sportsbook have ceded online sports betting (OSB) share to their newer competitors, they experienced a slight rebound last month.
Bet365 operates in a smaller list of states compared to the overall group that allows online sports betting, but its growth is still notable. The company currently takes bets in Arizona, Colorado, Indiana, Iowa, Kentucky, Louisiana, New Jersey, North Carolina, Ohio, Pennsylvania, and Virginia. In contrast, OSB is legally sanctioned in 34 states and Washington, D.C., and Fanatics operates in 22 states and the capital district.
The ascendancy of Bet365 and Fanatics can be partly attributed to their liberal approach to marketing and promotional spending, a strategy that some of their competitors have not followed, according to EKG. The research firm states, "Fanatics and 365 are pairing competitive product with aggressive bonusing. Caesars has eased off promotional spend; BetMGM has ramped it-but with inconsistent payoff."
In the highly competitive US OSB market, which is dominated by Flutter Entertainment's FanDuel and DraftKings, the gains achieved by Bet365 and Fanatics signal a potential shift in the industry. EKG asserts, "the data now points to a potential Fanatics-365 overtake-an inflection that, in our view, underscores the momentum behind these ascendant challengers, and raises questions for BetMGM and Caesars about product parity and strategic identity."
Speculation about the future of Bet365 adds an interesting twist to its growing market share in the US. As rumors swirl about potential sales at a valuation of up to $12 billion, industry insiders posit that Bet365 may be considering a partial sale to a US private equity firm or a stock listing in New York. Such a move could further position the operator for growth in the US, making it an even more attractive prospect for potential suitors.
[Sources: 1] Eilers & Krejcik Gaming, [2] American Gaming Association, [3] The Hollywood Reporter, [4] CNBC]
- The financial success of Bet365 in the US online sports betting market, following rumors of a potential merger or acquisition, has sparked speculation about its future.
- The ascendancy of Bet365 and Fanatics in the US online sports betting industry has raised questions for competitors like BetMGM and Caesars about product parity and strategic identity.
- The approach to marketing and promotional spending by newcomers Bet365 and Fanatics, compared to their competitors, has been a significant factor in their growth in the US online sports betting market.
- In the highly competitive US sports betting market, which includes giants like FanDuel and DraftKings, the gains made by newcomers Bet365 and Fanatics signal a potential shift in the industry.
- The potential sale of Bet365, with a valuation of up to $12 billion, to a US private equity firm or a stock listing in New York, if it happens, could further position the operator for growth in the US and make it an even more attractive prospect for potential suitors.
